The company’s key segments showed mixed results. The truckload division, its largest, saw a 4.2% revenue decline but nearly doubled operating income, driven by better margins and efficiency gains even as fleet size shrank. The less-than-truckload (LTL) segment grew revenue by 26.7%, supported by strong pricing, though profitability declined due to margin pressures. The logistics segment posted solid growth, with revenue up 11.8% and margins improving. The intermodal segment improved its losses, with revenue up 3.5% and a narrower operating loss, but still operates at a loss.

Looking ahead, Knight-Swift expects Q2 adjusted earnings between $0.30 and $0.38 per share, with modest sequential growth in truckload revenue and strong growth in LTL. The company’s outlook reflects confidence in ongoing operational improvements, although some segments face challenges.

Despite the positive results, shares declined slightly after hours, likely due to mixed segment performance. Overall, the company’s focus on efficiency and strategic growth suggests a cautiously optimistic outlook for the remainder of 2025.